Fighting Foreclosure: Where to Start


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Darrell Blomberg is a pro se litigant who hasn’t made a monthly payment in over 4 years.  He’s not in foreclosure, but it has not come easily.  As he says, he has, “studied his eyeballs out”.  Additionally he works very closely with many homeowners, attorneys and other skilled professionals.  We are fortunate to have him here in Phoenix Arizona and have often wished we could clone him so every city could have at least one of him.  He hosts weekly strategy meetings that we recommend highly to everyone.  (For details see the end of his article below).  

In the article below, Darrell succinctly, directly, and with humor outlines where to start should you decide to fight your foreclosure.  

So you want to fight your foreclosure?  Where should you start?

Start with what you already have available to you.  What’s that?

Personally Archived Documents:

…..Real Property Purchase Contracts

…..Loan Application

Contracts Archived by Title Companies:

……….(Contact them and request the documents)

…..Real Property Purchase Contracts


…..Mortgage or Deed of Trust

…..Complete Escrow / Closing package

Recorded Documents: (Recorded, Mailed, Posted, Advertised)


…..Default Notices


…..Substitutions of Trustee

…..Court Complaint or Notices of Trustee’s Sale

…..Sheriff’s Deed or Trustee’s Deeds upon sale

Prior Servicer Communication:

……….(You saved that didn’t you?)

…..Monthly statements

…..Missed-payment related documents

…..Responses from any attempted communications

…..Loan modification documents

If you choose to work with an attorney this should be the information you bring to her when you ask her to start a case for you.  If you were just getting behind in your payments and you had this much information for an attorney on your first visit… you’d probably have earned yourself a kiss!  (But don’t forget your checkbook just in case.)

The unfortunate reality is that most people show up at an attorney’s office empty-handed a few days before the foreclosure sale is scheduled to take place.  DON’T be that person.  The attorney is justified in saying she isn’t in a position to help you at that late stage of the sale process.

If you’re going to wait that far into the foreclosure process, at least show up with ALL of the above listed documents and improve your chances of showing the attorney you are worthy of her time.

Don’t want to use the services of an attorney to fight your foreclosure?  If you don’t want to hire an attorney you better have every one of the above documents!  Further, you’ll need to start cracking the books because you’re not going to be playing T-Ball in this ballpark.  You’ve made a choice to join the big league of study.  Here’s the continuing list of what you’ll not only need to learn but what you’ll need to know how to use.  And I freely add that you’ll need to use what you learned under extreme pressure!


…..State & Federal Statutes

…..Civil & Criminal

Case Law:

…..State & Federal

…..Search the highest applicable court first!


…..Rules of Evidence

…..Rules of Civil or Criminal Procedure

……….(Local, State, Appellate & Supreme Court, Eviction Actions)……….

…..Rules of Court

…..Oh yes, there’s State & Federal for these too!



…..Many Dictionaries & Thesauri (An Antonym resource is helpful too)

……….Old and New

……………(Definitions change and you’ll want to use the right definition)

…..Law Dictionaries

……….Black’s (9 editions, get a couple different ones)


…..Law Library

……….Many are publicly available

……….Call the state & local courts

……….Check the local Universities


……….Law Schools websites

……….Google Scholar

……….State & Local governmental bodies

……………Administrative Agencies



……….Specialty Blogs

……….Specialty websites

…..Other helpful resources

……….American Jurisprudence

……….American Law Reports

……….Corpus Juris Secundum

……….Scholarly Articles

Now that we’ve got that figured out, where do you start?  The best place to start is with an in depth forensic review of your documents?  You’re up to that aren’t you?  What are you looking for?  The big three are: Errors! Contractual Violations! Statutory Violations!

Documents need to be checked thoroughly for authenticity, chronology, timeliness, correct contents, information consistency, method of delivery, chain of parties, authorization and proper notarization.  (Robo-signing hasn’t been established as a game-changer yet.)

The nice thing about reviewing your own documents is that you have all of the evidence.  It’s either in your possession or it is publicly available!  You can even get the recorded docs in “self-authenticating” form on line for just a few dollars.


So you’re taking on an adversary with essentially unlimited assets, unlimited time and NO ACCOUNTABILITY.  That’s a monstrous task.  You need allies.  You’re not going to do this alone.  You’ve got to work with other like-minded individuals who are as committed as you.  I suggest you either find such a group or you start one.  I’ve started one and I’ll follow up with a post about that in the near future.

A strong group should amicably pool their talents and efforts.  In 10 months of running weekly meetings I’ve learned a lot.

The number one thing I have learned is that all defenders MUST start sharing ALL of their positive and negative experiences.  This includes; documents, pleadings, court results and bank, servicer and trustee communications.  Why?  Because everybody could have learned something from your share and perhaps helped you too.  But, if you didn’t share, we all missed out on the observation or discovery someone else might have made about your efforts if you had shared your experience.

If we keep up the diligent effort, the Banks, Servicers and Trustees will not prevail!  Attorneys and homeowners who educate themselves and rally together will prevail!

May your opportunities be bountiful and your possibilities be unlimited.

“Emissary of Observation”

Darrell Blomberg

The meetings I host are every Tuesday.

Here’s the details:


7:00pm to 9:00pm. Come early for dinner and socialization. (Food service is also available during meeting.)

Macayo’s Restaurant, 602-264-6141, 4001 N Central Ave, Phoenix, AZ 85012. (east side of Central Ave just south of Indian School Rd.)

COST: $10 per couple… and whatever you want to spend on yourself for dinner, helpings are generous so bring an appetite.

Please Bring a Guest!

(NOTE: There is a $2.49 charge for the Happy Hour Buffet unless you at least order a soft drink.)

76 Responses

  1. @ALL

    The commenyt erroneously states a common misperception –that 42 USC 1983 relates to “discrimination”—-although it has the most press in the context of denial of EQUAL PROTECTION under 5th amendment incorporated into 14th—it is not limited to 5th by any stretch:

    See below:
    Every person who, under color of any statute, ordinance, regulation, custom, or usage, of any State or Territory or the District of Columbia, subjects, or causes to be subjected, any citizen of the United States or other person within the jurisdiction thereof to the deprivation of any rights, privileges, or immunities secured by the Constitution and laws, shall be liable to the party injured in an action at law, suit in equity, or other proper proceeding for redress, except that in any action brought against a judicial officer for an act or omission taken in such officer’s judicial capacity, injunctive relief shall not be granted unless a declaratory decree was violated or declaratory relief was unavailable. For the purposes of this section, any Act of Congress applicable exclusively to the District of Columbia shall be considered to be a statute of the District of Columbia.

    Now it refers to ‘judicial officer ” which I will take a leap to suggest includes licensed lawyers acting for banks—so if a lawyer knowingly engaged in the filing of false docs —that resulted in siezure–there you have an action under 1983 in state or federal court

    or lets say that one knowingly submitted a forged note in place of a true original —-to facilitate siezure of a house??? any thoughts???

    what about those that submitted “corrective assignments” —??????

    can we open a dialogue of potential fact patterns where an officer of the court facilitated the deprivation of 4th amendment rights –ie siezure of a house without substanive due process –eg lack of subject matter jurisdiction [standing] or via fraud of some sort

    what about denial of 1st amendment rights via use of false documents that lead to gag orders or confidentiality issues—–???

    lets think about these things

    does the particularity pleading of fraud cases attach?

    why are attorneys not using this cause of action?

    please anybody–comments on this last???

  2. And you can’t be pro se in Los Angeles.

    in a discrimination suit claiming ” state court[s] depriving homeowners 1- equal protection of 1st amednt – “property rights” under the law,
    2- violation of due process in dismissing homeowner complaints despite clear evidence of widespread “servicer fraud” and
    3- felony crime[s] re-filing in the land records, false and or forged conveyances of real property,
    4- other claim re title under the “legal acumen doctrine” contesting title of and through the land records when real party of interest is obfuscated by specific intention of the servicers, their agents “trustees”& mers .

  4. Barry Fagan v Wells Fargo Bank Request for Judicial Notice of U.S. Department of Housing and Urban Development Office of Inspector General, Office of Audit Memorandum No 2012-AT-1801

  5. @Nabdulla,

    Can’t wait for March 21st, the official start of spring. It should become pretty hectic over the next few weeks, with OWS and whatever else is brewing everywhere.

    Have you become a 99-declaration delegate yet? I mean… someone’s got to do it, right?

  6. tnharry- nice to see a comment about UPL (unauthorized practice of law). There was a law firm in Phila., Goldbeck McCafferty McKeever, was charged with UPL in Dec.2010, by another atty in allegheny county pa, Patrick Loughren. Complaint in Equitey, 78pages, check it out. Two weeks later, I checked fannie/freddie website for vendors, GMM was under review. Couple weeks later, they are gone. The three principles, in sworn depositions, stated that it was common practive for nonlawyers to attest and sign their names. They did alot of work for, among others, BofA, and were mentioned in the OIG HUD report for the 25bn AGs settlement. Any way I can use this to my advantage? We ‘cured’ the default, but turns out the whole process was rife with fraud, which led me to this site. We had a manufactured default, couldn’t be helped until we were 3 months behind on payments, (we were one month when it began). You know the routine.

  7. @ tnharry

    Correct, that’s pretty rich, wouldn’t you say? Where else can we get it? They are stealing everything from us and we cannot guide someone else on our lose or success? Geez!

  8. @chris – it’s only the unauthorized practice of law if you try to help others. no threat of it when you’re helping yourself.

  9. @ tnharry

    Agreed. There are very few straight answers here. I have gleaned a lot by reading the actual posts and finding suggestive concepts on my own case, but frankly, have never found the experts here to lead the charge in How to and Procedural stuff, without a fee attached. Many of us are house poor, literally. Finding adequate help is very hard to come by and those of us who have made some in-roads can be accused and prosecuted for “practicing law without a license”

    Go Figure!

  10. @ Enraged….

    “As I have said over and over, show me ONE homeowner whose house was saved thanks to the illegible, incomprehensible and nebulous Nancy Drewe posts. She went on a rant against me a couple of weeks ago and that’s when I realized that there was something wrong with her….”.

    LOL, LOL, LOL. Dude, as usual you always have me rolling me out of my chair. Still remember a year ago her coming after you when you simply asked her why does she always type in caps.

    If you’re ever in The Apple, like to buy you a drink and chew some fat. OWS gearing up our morale and determination for long hot summer. Reminds me of times when I was in Atlanta during King boycotts. Wonder if I should wear heavy raincoat and carry tear gas mask across Brooklyn Bridge to Wall Street. 🙂 C-H-A-R-G-E!! Give no quarter, take none. The Federal Reserve and Wall Street HAVE GOT TO GO!! PERIOD.

  11. I guess I’ll be the bad guy and say it since no one else did…Is this posting nothing but an advertisement for this Bllomberg guy and his firm? It never quite gets around to answering its own question “Where to start?”.

    Neil – your followers are pleading with you for straight answers and advice. Throw them a bone…

  12. @Ray,

    I am very sorry for your loss and I understand that you would not want to let go after what you went through. I read about it elsewhere. You posted here a few times and your case was mentioned here and elsewhere as well.

    From what I understand, you found an attorney. Good for you.

    Killing yourself or anyone else is not the answer. It does not bring victory for anyone. Fighting is what we all must do. Take a breather, regroup, meet with the attorney you found (if i understood you well), devise together a strategy and go on the attack. You don’t know it but you’ve already crossed the hardest bridges. It will get easier.

    Keep us posted.

  13. My name is Ray Quiroz I am from New York and I tell you people I believed the word of GOD everyone who is fighting against the BANKS system would one day be compensated for the pain and suffering they have caused us, at this point I have prevailed my home foreclosure for over 5 years in my fight the Banks destroyed Helen Quiroz my wife’s life who died on February 20, 2012, I was left along to keep fighting and I would never give up, believed me they would have to come over my dead body in order to take my property away…I tell you how we did stop them…First they issue a foreclosure and auction without let us find out we where facing foreclosure It did not stop me from defending myself I got an order to show cause and the Judge gave me an stay…then I fought in the following courts : USA Supreme Court County of Queens, Court of Appeal Second Judicial Department, Court of Appeal Albany New York, Federal District Court Brooklyn NY, and today I am in the Court of Appeal Second Judicial Department NY in Wall Street, the point is I am now hired an Attorney from Wall Street NY…and I want to Know if killing a person would satisfy their GREED, SO THEREFORE I AM GOING TO MAKE PUBLIC THESE INFORMATION IN THE NEW YORK TIMES BACAUSE THEY WOULD HAVE TO KILL ME TO TAKE MY WIFE’S HOME I WOULD BE BETTER OFF TO REST IN PEACE WITH MY WIFE.


  14. @ Abby,

    No, it was in Charlotte, NC at an apartment complex….pictures are very clear. The point of the pictures and entries is, similar to the “pizza delivery guy, now a VP of foreclosures”…it goes to the fall-guys these people are hiring, so they can say they didn’t know. None of these employees have experience in this field and I want to make a point of that. May be misguided, but I and my attorney think it is fair play. The VP of foreclosures is not listed as his employee. The attorney is the Hunoval law Firm, Charlotte, NC…

  15. @Chris,

    You have more control, although not all of it. And whatever court you choose, you have to give some to get some. As an example, I can have a great Tila/respa case with a serious breach of contract attached to it. Well, where can I make the most? Federal court? State court? I have to choose some allegations and give up some. If Tila/respa is the way to go because of the evidence I have, then, i can’t take the chance of pushing the breach of contract. Otherwise, I take the chance of having the other party file for remand in another jurisdiction governing breach of contrct. I have to choose where the most money will come from and where the likelihood of a win is the greatest.

    The way the defense attorneys think is always pretty much the same: I represent bank ABC. My job is to win this case for as little cost as possible to my client. The homeowner filed in federal court because he/she thinks that he/she has a very strong case in federal court.

    Therefore, to destabilize him/her and assure right off the bat that in case of a loss, my client loses the least, I will endeavor to have that case removed from federal court and thrown into state court where he/she already knows that he will win much less. (Or vice versa, of course).

    By attacking, what you do is create an element of surprise. You also pick the allegations you’re going to push and you force the other party (knowing how strong a case you have based on your docs) to prove that what you allege ain’t so.

    The whole thing is a game where many people get to make a living: judges, clerks, court staff, attorneys. stenographers. Quite frankly, I don’t like to play it but this country doesn’t leave us much choice right now. So, learn to play it the best you can and if you lose, so be it. move on. At least, you didn’t cave, you didn’t allow anyone to walk all over you, you fought for what you believe in and it’s all good. The one thing you absolutely don’t want to do is listen to securitization B.S. you don’t get, not get an attorney or find one you scare silly with your farfetched theories instead of a well-conceinved strategy, and end up losing the house for want of using your brains and devising a valid plan.

  16. Well one thing about Neil he lets you know up front what he is selling you don’t have to buy if you don’t it will help you but Neil makes postings here on his theory he does not send you a invoice after you read his post he has no hided deals going on you have have free choice I posted this scam here in case it has happened to anyone else or before it does.

  17. TO Chris—please post links to some of these employees you mention who are on Facebook….and the Defense Atty. Were the trashy photos on Facebook?? They were probably at their frat party!!

    chris, on March 13, 2012 at 2:57 pm said:

    @ Abby

    The Defense attorney who assigned himself trustee…has employees who are on Facebook, 1st year college students…VP of foreclosures…I have pictures of them drunk with their ding-dongs hanging out, peeing in public, in an apartment complex, laughing at and making negative comments about their jobs


  19. @ Enraged

    Agreed. One thing I also think…it is far better to be on the offense, instead of the defense. File against them first…you have some control, but none in a defense situation?

  20. @Chris,

    This is exactly why I so adamantly advocate going on the attack and insisting on a jury trial. When 12 brains put together look at the extent of banks bad faith and they refusal to play by the rules those 12 jurors have to abide by, it doesn’t sit too well. It doesn’t have to be complicated and it doesn’t have to fly way ovr their heads: simple and to the point always gets across much better.

    And you know what happens when you really, really insist on a jury trial? Banks back off. That’s the very last thing they want: to be judged by the very people they have hurt so badly.

    Those who can find attorneys willing to go the whole route owe it to those who can’t to put up that fight. We are all interdependant. Every little individual victory is a victory for the homeowners as a group.

  21. @Dee,

  22. @ tnharry

    You are correct.

    Many people are jumping in way over their heads. Go with what you know to be true. Keep it simple. Get in the right jurisdiction. Keep an open mind, but stay away from complex theories, that cannot be evidenced. Authority is the biggest piece of the puzzle, as nothing can happen without it. Everything relates to transfers, assignments, defaults and how they happened and who lent the money…everything else is a bonus, but window dressing.

    I can’t tell anyone here how successful I will be, but do know one thing…if you cannot get what the banks, servicers and originators are calling proprietary paperwork, you case is lost, without an appeal, then you still have to produce…and trust me, they will find a way around giving you what will hang them….the cases are very much circumstantial! No legal advice, just theory and conjecture.

    My $.02

  23. @ Enraged

    I would appreciate your advice.

  24. @Dee,

    I would be happy to review it but you need to understand that I am only a peon with house problems. All i have to offer is a common sense approach and personal observations. Don’t know what either is worth yet…

  25. @enraged – “and, to some extent, i credit her with Carie’s loss”. That’s only part of the story, I blame anonymous for all that “not a loan” drivel (unless of course they are one and the same).

    Short, simple claims and statements in your complaint are the way to go. If you can prove they don’t have standing, then don’t spend a lot of time going off on some “banks can’t lend their credit” tangent. The more obscure and convoluted you make your arguments, the more likely it is that A) you’ll lose the interest of the judge, and B) you won’t be able to prove it with ADMISSIBLE evidence anyway.

    Admissible is key, don’t ignore it. I’ve seen just recently an experienced atty lose a case because they were trying to show that a person lacked authority to endorse by using junk culled from websites that was all inadmissible hearsay. Just because someone wrote it on a blog, an auditor published some findings, or a Register of Deeds has published a report on the web doesn’t mean that those will matter in your case.

    And even if you can prove robosigning for instance, you need to be prepared to show not only that you’ve been damaged, but HOW THAT ACTION CAUSED the damages.

  26. @Enraged

    I would like for you to review a document.

  27. @tnharry,

    As I was typing my post, I was thinking how you were probably going to grab that ball and run with it.

    You didn’t disappoint me! I’ll tell you something: I believe Nancy Drewe is dangerous and, to some extent, i credit her with Carie’s loss.

  28. @Elizabeth,

    Thank you so much. You just made the case I’ve been making now since the first day I started posting here.

    As I have said over and over, show me ONE homeowner whose house was saved thanks to the illegible, incomprehensible and nebulous Nancy Drewe posts. She went on a rant against me a couple of weeks ago and that’s when I realized that there was something wrong with her: can’t take the truth and doesn’t react well when cornered. Too many people have been conned into believing that all they had to do was growl at banks with farfetched theories of securitization (without actual expertise, let alone a solid report from any recognized pro in the field) and everything would be honkey-dorey.

    On this site, people need much more practical help on how-to than any lengthy regurgitation of trusts (or lack thereof), PSA, securitization and the likes. Nancy Drewe has yet to tell me how, when one has a Fannie Mae, one can verify whether a trust exists and find it. There is a lot of good info being posted here BY HOMEOWNERS going through it and already aware of what works and what doesn’t. That’s what I look for. And I’m more than willing to post what I have discovered through experience, as in “I got conned into this, that and else. Don’t do what i did, it doesn’t work” or the opposite: “Got a great atty in Ohio. Contact him if you need one”.

    Even Neil comes very short in the “show me how it’s done” department. We have to rely on each others, we who have tried it, done it and either failed or succeeded.

  29. @Elizabeth – I’m sorry to hear that. Mary/Nancy’s theories have been pretty out there on the site and a few of us who challenged them were shouted down by others. If you can’t explain them to a judge, and particularly if you can’t back them up with admissible evidence they’re uselsss. Frankly the same can be said of some (not all) of Neil’s products. If it’s not admissible in court, the value of the product is diminished.

  30. Enraged

    Thats the whole point THEY never deliver anything I responded to Nancy Drewe aka Mary Cochrane post thinking maybe just maybe some of the things she wrote about had some merit although I did not completely understand all the things she wrote about.

    Well she answered me stating that she sees transactions of harms done to us in closing and thereinafter we never discussed a business agreement she never mentions she charges a fee or that their would be a fee.

    Well I sent her copies of my closing documents and for a few weeks we went back and forth about her loophole discoveries, I stated that most where theories and when you get into court you need evidence you can’t “think” someone did something to harm you.

    As time went on she allegedly discovered others who had harms that together would support each other claims I have a law firm in New York filing a RICO on these Notices of Defaults and other issues I mention based on their damages they could joing the RICO (which requires damages to business or property).

    Well the final thought was ok wait until Sunday (this sunday past) and when she finish there would be evidence WOW saturday I am advised that their finding is intellectual property.

    At this point I am done with this group, and stated so the next day I get told since I fired them (notice fired thats when you hire someone when did they become my employees ?) I should pay them for their time which amounted to a invoice of close to $5,000.00 now mine you I NEVER recieved anything no report no evidence nothing from them but a but of theories that you can never take into court about parties that never caused me any damage.

    My point is this they claim they help homeowners never state up front they want to be paid, they are not experts so you can never use there findings in any court. I spoke to another person who said they did the same thing to him never came up with anything but finding reasons and hints for money before they disclosed anything is a SCAM under false pretenses and using the wire and communications is a felony doing it with one or more persons is a enterprise.

    Homeowners to me as one have enough with the banks we have to start fighting alleged homeowners too, these scenes and scams are what got us where we are with the banks now you have this group posting gribbish like to developer as a pitch to lure the homeowner into thinking they have something “new” that has not been discovered loopholes that amounts to nothing more than dreams and theories for which they then turn around and ask for a fee and never product nothing.

  31. @Elizabeth,

    Trying to understand what you are posting. What are you refering to? What are those scammers trying to sell? I’m not sure I got that. Are you talking about forensic analysis of your mortgage?

  32. Neil,

    Please let your memebers know their is a serious scam going on with individual posting about loopholes transaction wehreas individual claims to see, lures the homeowners in with claims of assistance this goes on for weeks when its time to disclose these LOOPHOLES your loan documents becomes Intellectual property these are some serious scams con artist whatever you do don’t send your mortgage documents to them even now my lawyers are filing complaints wheere their state attorney general and getting a protective order from the court, it a waste of time a extra step.

    The man Mr. Darrell Blomberg has made a honest posting he states what he will provide, how much is cost to participate and what you will obtained these scam artist will keep posting here about loopholes act like they want to help you never provide NOTHING thenn send you a bill for almost $5,000.00 I have spoken to another person who claims when it came time for him to get information it was always the computer shut down, need about 200.00 to pay the bill all kinds of scams to get money from homeowners under false pretenses these people are not hing scam artist I will be posting the whole game they use after the weekend when I return from New York they are no different than the banks.

    Niel Please have your memebers be careful because the loopholes constantly posted with a bunch of gribbish is exactly what it is no proof no evidence just a nonesense to lure in the homeowners under false pretenses to help see transactions of your loan documents after and before the finding your documents and the alleged transactions they see becomes Intellectual property you never get nothing they try to bill you for thousands for nothing its a game a serious scam do not send your paper work to anyone if they ar enot a lawyer.

  33. iwantmynpv- I have also mulled over the mass resignations, and the brevity of the news clips, without seeing the usual ” Mr. so and so, 48 , will be heading the such and such department at X bank”. Alot of them are not taking other positions, you’re right. And none of it hitting the MSM. We’ll see, probably sooner than later.

  34. We know we’re dealing with absolute B.S. when we read this and G.S. letter at the same time.

    Guys, the media is scrambling to put a happy-face-spin on today’s situation simply because everyone knows it is unraveling. The whole friggin’ system is crumbling under our eyes and they are so afraid of riots that they’sll say anything to buy another peaceful day.

    B.S. as an art form…

    Fed gives mostly high grades in bank stress tests | an hour ago

    Says 15 of 19 big banks had strong capital after test
    Citigroup and MetLife failures surprise
    Ally and SunTrust also fall short under scenario
    Many banks get OK for higher dividends, stock buybacks
    Fed says JPMorgan not at fault for early release
    By Jonathan Stempel

    March 13 (Reuters) – Most of the largest U.S. banks passed their annual stress test, according to the Federal Reserve, in a conservative report card that underscored the recovery of the financial sector but called out a few laggards, including Citigroup.

    The Fed announced the results in an earlier-than-expected release on Tuesday. JPMorgan Chase pulled the trigger on announcing its own glowing marks before the Fed’s release, and helped lift the stock market.

    But the failing grade for Citigroup, the nation’s third-largest bank, was a shock. Going into the tests some analysts felt it had a better chance of a positive surprise than any other financial institution.

    The Fed said on Tuesday that 15 of the 19 banks tested would have enough capital, even if they suffered a financial shock that would see unemployment hit 13 percent and housing prices drop 21 percent.

    The results paved the way for many of the passing banks to announce highly anticipated plans to boost dividends and buy back stock.

    The outcome showed a middle-of-the-road approach. The Fed failed enough banks to give the tests credibility and to elicit industry outcries about the tests being too tough, but it reassured markets that the U.S. bank industry is generally healthy.

    “Overall, we can’t complain that these tests weren’t rigorous enough, and it’s good to know that most banks would at least survive another global financial meltdown,” said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.

    MetLife, the largest life insurer in the United States, was also among the four financial institutions that failed the exam, which applied worst-case stress scenarios looking out through the end of 2013.

    Ally Financial and SunTrust were also at the bottom of the heap.

    Among the winners was JPMorgan, which has been agitating for regulators to loosen the handcuffs on the ability of banks to raise dividends and buy back stock.

    The Fed uses the annual stress tests to give the markets a window into the health of the U.S. bank industry, and also determine if individual banks are strong enough to reduce their capital buffers.

    Bank of America, the nation’s second-largest bank, passed the Fed’s test, but it did not ask for a dividend increase or to buy back shares. Last year, the Fed rejected the bank’s request for a dividend hike, in a major embarrassment for Chief Executive Brian Moynihan.


    JPMorgan, in a surprise to markets, announced around 3 p.m. EDT (1900 GMT) that the Fed had given it permission to raise its dividend by 20 percent and spend as much as $12 billion buying back stock this year.

    The news helped the U.S. stock market post its best day this year.

    The Fed had been scheduled to release the test results after markets closed on Thursday. A person close to the situation, who was not authorized to speak on the record, said the Fed quietly shifted the release to 4:30 p.m. EDT (2030 GMT) on Tuesday after leaks about the tests came out Monday evening.

    The person said that at noon on Tuesday, there was a miscommunication between JPMorgan and the Fed over the hour of JPMorgan’s own release.

    A senior Federal Reserve official told reporters that the timing of JPMorgan’s announcement was the result of less-than-perfect communication, and that nobody at JPMorgan was at fault.

    Regarding the outcome of the tests, the Fed official said the capital positions of U.S. banks has improved substantially in the last three years.

    U.S. regulators first ran a stress test in 2009 in a bid to show markets during the financial crisis that banks’ balance sheets were better than some thought.

    The Fed took a tough line with the banks this year, and in a number of instances, the central bank’s estimates of banks’ losses under the hypothetical financial shock were larger than the firms’ own, the Fed official said.

    Frank Keating, president of the American Bankers Association, said the bank industry objects to stress tests under theoretical conditions that are worse than what occurred during the financial crisis.

    “It unjustifiably prohibits some institutions from paying dividends to shareholders and could potentially impair their ability to raise capital and make loans. That is an unnecessary and ill-timed consequence of these stress tests given the essential role of banks in our still-recovering economy,” Keating said.

    Citigroup did not dispute the Fed’s decision and said it would submit a revised capital proposal later this year. Some analysts had expected Citigroup to win permission to raise its dividend to as much as 10 cents from a penny a share.

    In one sign of its weakness, Citigroup had the second-highest total loan loss rate under the stress scenario, behind Capital One, the Fed said.


    The Fed released 82 pages of detailed information showing how the 19 banks fared under the hypothetical stress scenario.

    The regulator left it to the banks themselves to reveal if they had received permission to boost dividends or buy back stock.

    The Fed said Citigroup, Ally Financial and SunTrust fared worst under the hypothetical shock, and that their minimum Tier 1 common capital ratios would hit lows of 4.9 percent, 2.5 percent, and 4.8 percent respectively.

    Banks that did not get the rulings they wanted saw their shares fall sharply after the market closed. Citigroup, for example, lost 3.5 percent in after-hours trading.

    “It was very surprising that JPMorgan can pretty much do what it wants while some of the other guys fail,” said Paul Miller, an analyst at FBR Capital Markets. “We were worried about anybody that was not making a lot of money, and this takes away a lot of any upside potential for SunTrust and Citi.”

    MetLife failed the stress tests on the basis of its risk-based capital ratio. At a 6 percent minimum, it was lower than any of the other banks examined.

    The bank holding companies whose balance sheets weathered the hypothetical storm best were Bank of New York Mellon with a Tier 1 common capital ratio of 13.1 percent, State Street Corp with 12.5 percent and American Express with 10.8 percent.

    Wells Fargo, U.S. Bancorp, BB&T, American Express, KeyCorp, PNC, Morgan Stanley , Goldman Sachs, Bank of New York Mellon said they had received permission to boost dividends or repurchase shares. (Reporting by Jonathan Stempel in New York; Additional reporting by David Henry, Rick Rothacker, Ben Berkowitz, Alexandra Alper, Dave Clarke; Writing by Karey Wutkowski; Editing by Tim Dobbyn)

  35. E.Toile, that one is for you!!!!!!!

    Goldman exec quits, calling firm ‘toxic’
    By Aaron Smith @CNNMoneyMarkets March 14, 2012: 8:17 AM ET
    Email Print

    Outgoing Goldman Sachs exec Greg Smith pointed to Fabrice “Fabulous Fab” Tourre, pictured above, as a symbol of the firm’s cultural erosion.

    NEW YORK (CNNMoney) — The whole world knows that Goldman Sachs executive Greg Smith is leaving the firm, thanks to a scathing resignation letter published as an op-ed piece in Wednesday’s edition of The New York Times.

    “I can honestly say that the environment now is as toxic and destructive as I have ever seen it,” wrote Smith on his “last day at Goldman Sachs,” capping 12 years with Wall Street’s gilded firm.

    Smith — who resigns as a Goldman executive director and head of U.S. equity derivatives business in Europe, the Middle East and Africa — detailed the disintegration of the company’s culture during his time there.

    Smith’s main gripe is that the firm cares more about making money from its clients than making it for them.

    “It makes me ill how callously people talk about ripping their clients off,” he wrote. “Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets,’ sometimes over internal e-mail.”

    Goldman (GS, Fortune 500) spokesman Michael Duvally released a statement that contradicted Smith’s diatribe.

    “We disagree with the views expressed, which we don’t think reflect the way we run our business,” said Duvally. “In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.”

    Smith also expressed disappointment with the firm for failing to correct its cultural decline, even after a series of high-profile scandals cast the company in a negative light.

    0:00 / 4:18 Goldman’s big 2012 calls
    “Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids?” he wrote. “No humility? I mean, come on. Integrity? It is eroding.”

    Smith was referring to the Securities and Exchange Commission’s investigation against the firm for its role in underwriting subprime mortgages in 2006, which helped to unravel the housing market.

    “Fabulous Fab” is the self-applied moniker of Goldman trader Fabrice Tourre, who was accused by the SEC of selling Abacus, a portfolio of real estate investments selected by hedge fund Paulson & Co., which had an interest in its failure. Tourre declared himself “Fabulous Fab” in an internal e-mail, which emerged during a federal investigation.

    Sen. Carl Levin, a Michigan Democrat, led the Congressional investigation into Abacus.

    Bull market still strong
    “God’s work” is the self-described job description of Goldman Chief Executive Officer Lloyd Blankfein. “Vampire squid” is the famously unflattering nickname applied to the company by Rolling Stone writer Matt Taibbi.

    Going forward, Smith stated bluntly than the 143-year old firm won’t last unless it corrects the current state of its corporate culture.

    “It astounds me how little senior management doesn’t get a basic truth: If clients don’t trust you they will eventually stop doing business with you,” he wrote. “It doesn’t matter how smart you are.”

    First Published: March 14, 2012: 8:03 AM ET

  36. @iwantmynpv,

    What are you alluding to? Remember, I am not capable of imagining worst case scenarios: limited negative imagination.

    I know that we haven’t built Newt’s 51th state yet, so they can’t go very far. I also know that we are all stuck in this world together, so they can’t escape what will happen (whatever it is) and I know that they can’t do anything too rash that would jeopardize them.

    So, what do you think? Do you actually believe that they have some plans to hide underneath earth crust after having bombed-bombed-bombed, bombed-bombed-Iran?

  37. @ enraged I know I have not commented on any of your recent posts regarding the mass exodus of officers and executives from major corporations around the globe. I have watched this carefully since George Soros stepped down.

    What I find more peculiar than them resigning, is the fact that they are not taking other positions. They are also dropping their Board seats at other companies at an alarming rate. It is one thing to jump ship and become lesser known when the extent of the fraud is disclosed, it is another to become non-relevant overnight. Is this the sign of something darker than avoiding criminal or civil exposure?

  38. Have your attys call my atty whom will be sent to you ,you are now in your 30 days grace to pay in full without interest. After day thirty interest will start to occur at the quoted rate you recived.We have no money in return, no pipes in g street taken under lock and key by your people we might add, and constant breaking in crooked town. So this is far from over, you will pay my bill and we will seek any monies you have taken from our property’s.

  39. See full complaint

    Guilford County, NC Sues To Clean Up Banks’ “Mess” at the Register of Deeds – For Immediate Release: March 13, 2012 Contact: Ginger Cavanaugh (704) 246-3896 Guilford County Sues To Clean Up Banks’ “Mess” at the Register of Deeds Guilford County, ex rel. Jeff L. Thigpen, Guilford County Register of Deeds, filed suit today against LPS/DocX, MERSCORP, MERS, Inc., and numerous banks, loan servicers, and foreclosure specialists seeking […]

  40. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud, workshop Tagged: 60 minutes, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, credit bids, DocX Indictment, foreclosure, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default Livinglies’s Weblog […]

  41. @hman – the note aurora sent you initially is from the loan closing file. They have it – the file- since the servicer ends up with a closed loan file with all in it X the original note and dot. Is there a cert on the one they sent you, like say from a title co or anyone else? You may be right in your assessment on their heads-up – now they made it a point to rubber stamp / photo shop endorsements on the note (or the copy) imo or they could have sent you the endorsements on john brown’s note for all you can know at this point. Don’t know what good it can do you, but wanted to let you know why a servicer can whip out a copy of your note – the copy is in the closed file servicers get as rote. It should contain copies if not originals (I think originators have to keep original files for three years – not sure) of everything else you ever signed (x note and dot – those originals are not in that file). What year was your loan? Is your note created on letter or legal size paper (not copied – created) What paper size is the note copy in your own file?

    Someone might do an expose on the use of the subpoena deuces tecum as well as pre-suit discovery (which is permissible) in some situations. Hman, you might want to look at pre-suit discovery. Takes some work, but can be done. That might mess you up, though, since I think you are trying to sneak up on them mol, and God-speed to you, especially if it’s aurora you are up against. Imo, they are the very worst and btw, they entered into their own Consent order in 2010 or 2011 – it’s at scribd.

  42. @dee – from Restatement (Third) – hopefully current (this is from l996 article), still digging, novice on this Restatement but not for long:

    Sec. 1.6. Duty to provide statement of the mortgage’s status. Upon a request made for good cause, the mortgagee must provide information in writing about the obligation and the mortgage.

    The information that must be disclosed includes (1) the amount owing; (2) the current interest rate, and the basis for adjustment of that rate if it is adjustable; (3) the amount of any additional fees or charges owed; (4) whether the mortgagee considers the obligation to be in default or to be accelerated; (5) if the mortgage provides for future advances or reserves a right in the mortgagee to modify the mortgage, whether any notice has been issued to the mortgagee to terminate such advances or modification rights; (6) the amounts of any funds held in escrow or impound accounts; and (7) the identity and address of any person who has acquired an interest in the mortgage or the obligation it secures. Many states have statutes requiring similar disclosures.

  43. @Abby – employees in INDIA? No wonder we’re broke…still. You know, when companies first started out-sourcing to flipping India I thought it was over dollars. Probably was at the time. Now I think it’s because You and I will never be able to depose someone there. And a reminder, MERS’ lousy, stinking, secret contract with GenPact is being carried out in India acc to sources (you know – the one they entered into about the time of their Consent Order). Did MERS agree to do X (including no more foreclosures in its name – big whoop since they just now allow member-perps to execute self-assignments in its name (still thinking RICO here) – if our government ‘left them alone’ and it’s estimated that X will take 7 years, the purported length of the Genpact contract? Regardless, we NEED to know what’s going on there with OUR (former) land records. MERS HAS TO GO.

  44. Well, the dreadful has happened. I think. Bankster in NV DC now alleges note and dot may never be split because ala Carpenter, the mortgage follows the note. Guess who says they have the note? Ummmm, could it be the bankster?
    So, out the window with the homeowner’s bifurcation and other arguments and off with his head, game, set, match! Take 10: A dot is not a stinking mortgage (a lien). It gets worse. Here is what the bankster is claiming:

    “The new rule proposed in the Restatement thus binds the note and the mortgage as a matter of law, as if the two agreements (the promissory note and the mortgage) simply appeared on consecutive pages of the same document….recognizing that Nevada is likely to
    apply Section 5.4(b) of the Restatement (Third) of Property (Mortgages) which sets up a general presumption that the transfer of a mortgage normally includes an assignment of the obligation it secured.”

    “which sets up a general presumption that the transfer of a mortgage normally includes an assignment of the obligation it secured”

    Say what? Well, I’m seeing red and not much else. Here’s one for e. tolle. Don’t know what it says about tila violations now, but in 2008, NV statutes said the ONLY one with authority to prosecute tila violations was the stinking AG. And just like you, Nevadans got the big heave ho on down the road. The AG’s office had the cheek -or someone tell me what else it was – to say go over here or there or get a private attorney to prosecute privately. As flipping if.

  45. @ DCB, Lynn had a false claims suit that was part of the AG settlement to the tune of $12 million, maybe $18, I can’t remember off hand. Very good for her.

    @Enraged, I’m not like cubed2k. I won’t split a gut over this stuff. But I truly don’t like being sold out, and I’d argue that to my AGs face. I’ve spent a lot of time at my AGs office educating these people, and I don’t mean that egotistically. It appears that when you’re a general for a living, you lose track of what’s going on in the trenches with the grunts.

    I’d like to have seen specific threats that could help us keep these jerks in line. Fraudulent assignment? That’ll be the house forfeiture plus $100%. Lost note? The same. Perjury, false notary, recording, forgery….time in the big house plus big fees. Instead, the AGs are all patting themselves on the back for a job well done.

    And all the while the foreclosures are ramping up to beat the bands. What exactly did they do about that? How exactly will they surmount the problem of lost notes, save for the same way they have since this debacle began? What’s changed? The banksters are still liars and cheats, and will still be foreclosing on us all until they’re arrested and put away.

    Maybe my third reading will be better. I hope so.

  46. @Abbey in CA ,

    I LOVE the Indian robosigners for BofA ,, so American pizza guys at $10/hour (or to my way of thinking $0.10 / per forgery) were too expensive … If I had BofA I’d call those Indians as witnesses… depose them …

    Neil ,

    This article needs to be kept at the top or hotlinked from the homepage ,, it is required reading..

  47. @E. Toile,

    Ok. You’re pissed. Fair enough. There’s enough in that settlement to be really pissed. So… now what? You’re gona let that anger clog your arteries with all kinds of toxic wastes? Just because the AGs sold America out doesn’t mean that you, individually, can’t win your own case.

  48. What good thing happened for Lynn Szymoniac?

  49. This is a good listing–sound information.

  50. Enraged, I wish you and everyone here nothing but the best. But let’s talk after a judge rules against all your hard work without even batting an eye or reading your complaint. Then we’ll discuss the definitions and differences of cynicism v. realism.

    I’d love to be proven wrong, but what I’m taking away from the AG deal, the OIG deal, and the hot off the presses NY State v. MERS suit is that some coffers were filled with folding green, with very little chance of a trickle down, and wrong doing was denied by all involved. Not a criminal charge, not a single handcuff for the entire bunch. Pretty damned near the end of story as far as I can tell.

    If you thought I was cynical before, I’ve just finished rereading these deals and I’m downright pissed right now. These agreements (let’s call them what they are) are about as transparent as fully cured concrete, and will yield the borrower percentages somewhere around Lohan’s IQ in the good it will do. Cynical? We’ll see. Show me something that came out of the last few days that’s a big score for borrowers….anything. We already knew the plot. Will a sea-change for justice occur from any of these posturings?

    Hat’s off to Szymoniak, I’m really happy for her, but that deal is sealed. WTF good is that in reality? There’s not too much transparency in these reports other than “Bad Bank! Bad!”. Civil only? If you and I hampered investigations like these or committed crimes like these, we’d be trading cigarette butts for shower protection tomorrow. Did you read the OIG report? B of A should be taken out back and shot repeatedly!

    Yeah I’m cynical. Maybe I’m just in a bad mood from reading 500 pages of give-aways. I have every right to be pissed. My country has been occupied and I don’t have the money for a boat to South America. I long for an established banana republic, not a fledgling one.

  51. @Alice: you’re right. It will blow up in their face!

    @E. Toile: you’ve been burnt a few times too many. Made you cynical. Funny as hell but… cynical! I have a little more faith than decorticate something that will not stand.

    @Hman: you seem to be playing your cards really right. I’d be pretty damn proud if i were you. You k.i.s.s’ed it and it’s working and now, you can really, really kiss it!

    Come on, you guys! Can’t you see how much has been uncovered in such a short time? A year ago, we were only learning of robo-signing. Now, we have it nationally in the open with details on the how, when, where, who and everything else. If there ever was a time to attack banks, it is now. If all the homeowners who are staring at foreclosure were to go on the offensive, i.e., attack in federal court on anything possible just to get those case in the judicial system, the banks would be done with.

    It is worldwide. It is clean up time and it will happen, with or without our present government.

  52. Thank you, Abby

  53. Abby, reading all your links I am shaking my head and wondering why the usg does not declare a moratorium. The OIG did an excellent job investigating the claims of fraud regarding FHA loans although I didn’t care for the fact that they used the term ‘weakness’ regarding the procedures. Call it what it is. Blatant fraud. The fact that they will recommend that the attorneys and notaries will be santioned is interesting. I haven’t finished reading “The Settlement” to see if this is a requirement or not. The fact that the terms of the settlement require that the personnel working on modifications and foreclosures be experienced will be a major feat. I wonder where they will get all these experienced people. Anyone that has worked in the industry for the last decade only knows how to do their job according to the rules by fraud. Are they going to untrain them now and retrain them to do everything legal. To hire experienced people who have not been corrupted would be a problem and would affect those big bonuses. I also wonder how this is all going to affect those million dollar income loan officers.

    And Chris, thanks for the info about the attorney.

  54. Here’s my question. Are completed foreclosures being reversed/nullified? I have been reading this blog for a while now and have seen only fleeting references to the possibility of having a completed foreclosure nullified. Cna anyone shed some light?

  55. Abby, thanks for setting me straight. Being kept in the dark instead of transparency by our government officials and the bank criminals is outrageous. I have not heard back from the citizens group yet. Perhaps if multiple citizens and attorneys file opposition?! The crimes the worst in our history and our public officials blatantly breach the fudiciary duty to protect the innocent consummer, which is their sold job. With that kind of dirt, at least in Washington state we have a law the state can sieze the banks. The AG’s should not have to negotiate with banks and make a settlement. It is nice Lynn has some money coming, but I think Lynn would like to see a greater picture and all consumers protected. And perhaps the lawsuits against Fannie will do that, but again here go the tax payers paying , and I am not sure the tax payers and government officials, and the government is not bankrupt, due to their crimes. I believe the big picture is a private party in China owns everything due to crimes against him by our government officials and banksters. I sure hope this man in China is compensated, by retrieveing the stolen money that is allegedly and most likely was transferred to the Royal Bank of Scotland. Then he wont own us, but we are still broke. Unless Geithner comes up with the fairy tale gold, which is impossible for our government to have, that Geithner signed for, backing the fifteen trillion, that was transferred to the Royal Bank of Scotland. I am sure this single man in China is pretty ticked over this. Hope he does not have access to nukes.

  56. @ Abby

    The Defense attorney who assigned himself trustee…has employees who are on Facebook, 1st year college students…VP of foreclosures…I have pictures of them drunk with their ding-dongs hanging out, peeing in public, in an apartment complex, laughing at and making negative comments about their jobs!

  57. Can someone tell me where I can find more concerning Alice’s statement:

    “…admittance that the Notes were DESTROYED (page 103 of BofA). Every loan will have a lost Note affidavit and this is pretty much evidence to me that this is a land grab, plain and simple.”

    A link would be greatly appreciated. I had read it was an Internet “fable” that the banks destroyed notes.

  58. BTW anyone out there know anything about what’s going on with Aurora Bank? Have heard anything bad about them for awhile and I need the dirt?

    Last I read they were trying to sell but I haven’t heard of anyone taking them over yet.

  59. Yup it’s a lot of hours. Good advice here to collect all your docts. I haven’t requested my closing docts from the title company yet thought. I’m having a hard time tracking them down. Transnation was absorbed by Lawyers I believe? The address and the phone # on the DOT are not correct.

    Fighting takes a lot of time, effort, and research. All I know is I didn’t really put up a fight before and I got foreclosed upon 2 times in 90 days. I know some people have said beware of the QWR. From my own personal experience it has been a good thing. Not an attorney and not giving legal advice but it seemed to stall them at least.

    Haven’t received anything from my servicer other than something saying my escorow was short and I have a direct person to handle my claim. The multiple daily phone calls have stopped since I sent them the FCDPA letter. Can’t say this is the reason they haven’t foreclosed for certain but it seems to have helped somewhat.

    Also, Aurora sent me my note endorsed in blank as per my request. Later a law firm representing Aurora sent me a different copy of the note with an allonge and endorsements and assignments on it. Maybe I just gave them time to perfect their lies and maybe ultimatly they will lie their way to foreclosure? What I believe is they seem to go after they people that don’t resist first.

    In the time I haven’t made payments I’ve also been able to pay down my credit card and have a cushion for an attorney I wouldn’t have had otherwise been able to have. Eventually, I want to lose the credit card. I’m on track to have this thing paid off in 6 months. Also, I think some of the correspondence I’ve received as a result will provide useful in the future. The Servicer did say who the owner was,(or who they claim it is) they did tell me what trust my loan was in (assuming it made it there). No they did not answer all my questions but they did give me answers to things I might not otherwise have.

    I also think that it gives you foresight into how they’ll fight you in court and what their story will be. Again this is just my thoughts & what has seemed to work for me. I wish everyone out there fighting good luck no matter what course you take!

  60. The ABA (Bankers, not Bar) is stumping its Floresheim-shod little foot and trying the pouting game again. I don’t think it’s going to take them very far anymore…

    Credit Union Times Magazine March 14, 2012

    Featured Story

    ABA Vows to Sink JOBS Bill if MBL Hike Included
    By Michelle A. Samaad

    If a House bill backed by the American Bankers Association in a new package of legislation designed to help small businesses create more jobs gives credit unions expanded lending authority, the banking trade group has vowed to pull back its support.

  61. Yes, E. Tolle, I read the 1 million fine and really couldn’t believe it. I have to read that again as I cannot believe the pretenders would go along with that when there are so many of us ready and willing to call them out. The only reason I can see that this thing was even done was that thousands upon thousands of people were sending complaints to public agencies and something had to be done to shut us up. I think they really messed up putting it out like this. Perhaps it will never be signed but the facts are already there, tied up in a nice little package and blessed by the usg.

    An aside, I read that a group of Investors are going to protest this but the papers state that the Notes are possibly lost or destroyed. What are the Investors protesting when they have no Security. I want to know who were the mental giants that put this thing together and give them a big thank you…lol.


  63. Too true.
    Its taken me nearly two years to truly understand.
    Its the ‘twighlight zone” on steroids.
    For those new to the fight.
    KISS: keep it simple stupid.
    Take nothing at face value.triple check everything
    (including your lawyer if you have one)and
    do your own homework
    3yrs no pay.One dismal and our bazooka not even used yet. !




  66. all this is too complex- yes it’s just what an attorney would like to see but pro se litigants need to keep the focus where it belongs- on logic and common sense. it doesnt really matter what documents youve got, the one that counts the most is ANSWER THE COMPLAINT TIMELY.

    and follow all relevant procedures, whether judicial or nonjudicial. and get a sense of strategy and tactics, how to use bankruptcy filings, proof of claim etc. no one has the Note. its just a plain fact. sometimes they bring a copy, not endorsed to them; and as this site shows so well they arent the investor anyway. it really does come down to the credit bid:

    -how much, in function of the legal definition for a “security interest”: fair-market value subject to priority including inchoate attachments like processing costs and municipal liens going forward, besides the “minimum cash bid”

    – remember the question goes in rem its not about “how much you owe”

    – there ARE NO SUCH THING AS MORTGAGE PAYMENTS. it is a Security Interest! Do you “pay” stocks, or buy them?

    – PRODUCE THE NOTE. it’s that simple, ‘the mortgage follows the note’, and this is the written terms of the mortgage anyway. yes the ruling law is the UCC!! they must show evidence for the proper chain of title- especially because paying the judgment to the wrong party leaves the judgment unpaid! slander of title and no remedy of payment

    – 3rd party accountants have no standing to sue. the only evidence we need is the mortgage contract itself- just read the terms- “the evidence of debt” is assigned from time to time to 3rd parties

  67. Fire DeMarco ! …

    He has the money from your tax dollars to pay for his home even if he is underwater. If it is not your tax dollars he may be using the stolen dollars from the true creditors.

  68. Also, one has to be VERY careful of the path taken. There are many pitfalls in a cleverly crafted document such as this. Take this, for example:

    Servicer shall not, in the ordinary course, require a borrower to waive or release legal claims and defenses as a condition of approval for loss mitigation activities under these Consumer Relief Requirements. However, nothing herein shall preclude Servicer
    from requiring a waiver or release of legal claims and defenses….

    Doublespeak, plain and simple. What exactly is an “ordinary course”, save for a clever phrase written by the Ministry Of Truth? The banksters fought long and hard for that line.

  69. Great points Alice, and I couldn’t agree more that this will end up being much needed gunpowder to those of us that know how to handle it. Some infractions could cost them a mil per if they screw up. I intend to work hard at helping them screw up.

    Also, get ready to get into a shouting match at your local AGs office concerning these payouts. It’s up to us to hold their hands to the fire over these funds. They have absolutely no right to take these funds and shore up their ill-spent budgets by paying the very same banksters that are supposedly affected by this settlement. These funds are intended to ameliorate problems, NOT fund the criminals and their counterparties in state government. If they have their way, and I have no reason to doubt that they will, these funds will end up being paid back to B of A, CITI, Chase, and so on, in order to kick the municipality debts down the road. We MUST stop that from happening. The settlement states how these monies are to be used:

    To the extent practicable, such funds shall be used for purposes intended to avoid
    preventable foreclosures, to ameliorate the effects of the foreclosure crisis, to enhance law enforcement efforts to prevent and prosecute financial fraud, or unfair or deceptive acts or practices and to compensate the States for costs resulting from the
    alleged unlawful conduct of the Defendants. Such permissible purposes for allocation of the funds include, but are not limited to, supplementing the amounts paid to state homeowners under the Borrower Payment Fund, funding for housing counselors, state and local foreclosure assistance hotlines, state and local foreclosure mediation programs, legal assistance, housing remediation and anti-blight projects, funding for training and staffing of financial fraud or consumer protection enforcement efforts, and civil
    penalties. Accordingly, each Attorney General has set forth general instructions for the funds in the attached Exhibit B-2. No more than ten percent of the aggregate amount paid to the State Parties under this paragraph 1(b) may be designated as a civil penalty, fine, or similar payment. The remainder of the payments is intended to remediate the harms to the States and their communities resulting from the alleged unlawful conduct of the
    Defendant and to facilitate the implementation of the Borrower Payment Fund and consumer relief.

  70. “The Settlement” has done a good job of exposing all the rot in the mortgage industry. I believe this is going to blow up in their faces. People that are fighting this fight are way ahead of the curve and are in the position to call the offenders out if they don’t follow the new rules. The agencies involved must continue to be overwhelmed with evidence that shows the new rules are not being followed because as we well know they won’t be. When “The Settlement” is signed it will be a very usefull document. We can’t quit now, this have opened a can of worms and will hurt them big time. And, my personal favorite in this case…admittance that the Notes were DESTROYED (page 103 of BofA). Every loan will have a lost Note affidavit and this is pretty much evidence to me that this is a land grab, plain and simple.

  71. Neil Garfield, you have not returned my overcharges in almost a year.

  72. @ Enraged

    Boy have you got that right!

  73. And… prepare for what quickly becomes a full-time job! Not for the weak at heart. Takes a lot of digging, sitting at the computer, running to different places, asking question, making phone calls, recording time, dates, names, substance of the calls, etc. With all the money I spent just sending letters to get my docs, I am confident that I almost single-handedly supported our postal service for 4 years.

    Once you have everything, organizing it is a monumental task. Doable but forgo any idea of a vacation for a while.

    Lastly, if you decide to seek legal help, nothing beats a well conceived timeline listing the name of the doc, the date of the doc, date received if you know it, substance of the doc.

    Good luck.

  74. Exactly…start at the beginning and seek what you know to be true. Stay out of the complexities, until you understand the process. You must get past the default and who’s doing what, why you have not paid your mortgage is very much a part of the jury trial and making someone who is paying understand what is really going on. Otherwise you are toast!

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